New Horizon Aircraft (NASDAQ:HOVR) Raised to “Sell” at Wall Street Zen

New Horizon Aircraft (NASDAQ:HOVR) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.

HOVR has been the topic of several other research reports. Weiss Ratings restated a “sell (e+)” rating on shares of New Horizon Aircraft in a report on Wednesday. D. Boral Capital reaffirmed a “buy” rating and issued a $11.00 price target on shares of New Horizon Aircraft in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.50.

New Horizon Aircraft Price Performance

NASDAQ HOVR opened at $1.57 on Friday. The firm has a market cap of $88.52 million, a PE ratio of -2.75 and a beta of 3.84. New Horizon Aircraft has a one year low of $1.16 and a one year high of $4.18. The stock’s 50 day simple moving average is $2.20 and its 200 day simple moving average is $1.98.

New Horizon Aircraft (NASDAQ:HOVR) last released its quarterly earnings results on Thursday, July 16th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. As a group, equities analysts expect that New Horizon Aircraft will post -0.55 earnings per share for the current year.

Institutional Trading of New Horizon Aircraft

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd bought a new position in New Horizon Aircraft in the 4th quarter worth approximately $96,000. Marshall Wace LLP bought a new position in New Horizon Aircraft in the 4th quarter valued at $63,000. Renaissance Technologies LLC boosted its position in New Horizon Aircraft by 15.0% in the 4th quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock valued at $1,022,000 after buying an additional 90,500 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of New Horizon Aircraft in the 3rd quarter valued at $244,000. Finally, Gabelli Funds LLC acquired a new stake in shares of New Horizon Aircraft in the 3rd quarter valued at $51,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

About New Horizon Aircraft

New Horizon Aircraft Ltd., an aerospace original equipment manufacturer company, focuses on designing and developing hybrid electric vertical takeoff and landing (eVTOL) aircraft for the regional air mobility market in the Uinted States. The company is developing Cavorite X7, a hybrid electric 7-seat aircraft that can take off and land vertically like and helicopter. New Horizon Aircraft Ltd. was founded in 2013 and is headquartered in Lindsay, Canada.